Richmond + Feenstra, Chartered Professional Accountants
5755 Cowrie Street V0N 3A0 Sechelt, BC, Canada

Have you transferred all of your $40,000 CEBA loan into your business bank account? If you haven't already, then make sure you do it before December 31, 2020! The 25% loan forgiveness is based on the total amount actually transferred to your bank account (spent) by that date, so make sure you don't miss this important step!

More CEBA loan updates: the government has announced that there will be an additional $20k of interest-free funding available, bringing the total possible CEBA loan to $60k with an application deadline of December 31st. We await further details, but for now you can read the announcement here: https://www.canada.ca//government-announces-new-targeted-s

Richmond & Feenstra CPAs is looking for an experienced bookkeeper to work in our Gibsons office. This role is flexible and can be 25 to 35 hours per week, but it is an in-office position (not remote). You must have Quickbooks experience (preferably Quickbooks Online, but Quickbooks desktop is acceptable). The bookkeeper is responsible for full cycle bookkeeping for clients, deadline tracking, client contact (phone, email, in-person), and assisting with office administration r...elief and tax return preparation as needed. Duties and Responsibilities Transaction entry into accounting software Bank reconciliations Payroll calculations GST and PST tax filing Worksafe BC reporting Generating monthly and ad-hoc reports as requested T4 and T5 preparation T1 preparation assistance Administrative relief Other duties as assigned If interested, please reply in confidence.

This is Chile. He’s super sweet. You might see him around the Sechelt office from time to time. So far his tax experience is limited but we can forgive him, right?

BC has a new requirement for corporations called the Transparency Register, which came into effect on October 1, 2020. If you have a BC corporation, make sure you connect with your corporate lawyer to find out what you need to do to comply! (P.S. and make sure you give your accountant a copy of the register please...) https://www2.gov.bc.ca//bearer-share-certificate-transpare

We’re pleased to announce that Huf McIntyre, CPA, CA has joined the team! He’s got tons of small business tax expertise, an approachable manner, and most recently worked for a national CPA firm in Victoria. Please feel free to reach out and say hi to welcome him to the Coast

Good news everyone! The Canada Emergency Wage Subsidy for employers has been extended until December. The rules for calculating the specific subsidies and eligibility are quite complex. Video Tax News have provided a video which we have included in link below that explains and simplifies this for you. https://www.wagesubsidycalculator.ca/

Now offering non-repayable grants to get the coast rally started! We’re giving $100,000 to our business members to help rebuild and reinforce what you put your ...heart and soul into every single day. Apply by midnight July 8th! APPLY TODAY: https://bit.ly/31fZgOD

Good news! The CEBA $40,000 government loan (with $10,000 forgivable) has been expanded. If you did not have payroll of at least $20,000 in 2019, your business will now be eligible as long as you had a business number with CRA and a business chequing account established prior to March 1, 2020 and can demonstrate non-deferrable eligible expenses of at least $40,000 for the 2020 calendar year. Eligible non-deferrable expenses include: -Wages and other employment expenses to ind...ependent (arm’s length) third parties; -Rent or lease payments for real estate used for business purposes; -Rent or lease payments for capital equipment used for business purposes; -Payments incurred for insurance related costs; -Payments incurred for property taxes; -Payments incurred for business purposes for telephone and utilities in the form of gas, oil, electricity, water and internet; -Payments for regularly scheduled debt service; -Payments incurred under agreements with independent contractors and fees required in order to maintain licenses, authorizations or permissions necessary to conduct business. See more

If you have recently retired (or are planning to soon), this could be a great webinar to tune into tomorrow night at 6pm PST. Randy works with clients in both BC and Alberta, and is super knowledgeable.

Breaking News: The federal government has announced temporary commercial rent relief for small businesses who are temporarily closed or have experienced a 70%+ drop in revenues due to COVID-19. https://nationalpost.com//covid-19-feds-provinces-to-cover

UPDATE: The bar has been lowered so that companies with $20,000 or more of payroll in 2019 can now access the emergency loan program. https://www.ctvnews.ca//pm-trudeau-unveils-new-business-re

Update on eligibility for the Canada Emergency Wage Subsidy: The required decrease in revenues are now 15% for March and 30% for the months following, in order to qualify for the program. Also, you can now choose to compare revenues to the same month in the previous year, or the average of Jan and Feb 2020. Need to choose one method when applying, and stick to it throughout the program. https://www.canada.ca//economic-response/wage-subsidy.html

Here are the latest details on wage subsidies! https://www.rfcpa.ca//the-covid-19-canada-emergency-wage-s

Update regarding the 75% temporary employer wage subsidy: You will need to show that your business revenues have decreased by at least 30%. No details yet on the application process, what proof will be required, or in what form the wage subsidy will be received. https://www.cbc.ca//trudeau-covid19-business-supports-1.55

The government also announced today that they'll be backing interest-free loans to small businesses as well. Again, more details to come, but according to the National Post "The interest-free loans will be made available with government backing through commercial banks and can be up to $40,000, if a business repays the loan by the end of 2022, 25 per cent of the loan would be forgiven." https://nationalpost.com//covid-19-trudeau-announces-incre

Huge breaking news: the government has announced an increase to the employer wage subsidy from 10% to 75%, as well as new access to interest-free loans for small businesses. We don't have the details yet (expected Monday) but we'll keep you posted as we know! Check back for more updates on COVID-19 business tax incentives and changes shortly.

COVID-19 Tax Measures: Our summary of what you need to know right now. More information coming out day by day, so stay tuned! www.rfcpa.ca//covid-19-tax-measures-heres-what-you-need-to